Deduction of 80C

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Parul Negi (Querist)

12 November 2009 Pls help. I have a query regarding deduction allowed for repayment of principal amount of housing Loan.
If house is in name of Mrs. X and loan is taken in the joint name of Mr. & Mrs. X.
Than who is eligible to claim deduction u/s-24 and u/s 80C?????

CA SANJAY MUKHERJEE

CA SANJAY MUKHERJEE (Expert)

12 November 2009 Only Mrs. X. as to claim the deduction for both principan and interest, you must be the owner of the property and obviously be the borrower also ( may be co owner or co borrower)

Parul Negi

Parul Negi (Querist)

12 November 2009 Sir can u pls suport the above statment with section.
thnx for ur reply.

chetan soni

chetan soni (Expert)

12 November 2009 as per sec. 24(b) & 80C, deduction for repayment of housing loan is allowed only to legal owner of the property.

As in your case Mrs. X has legal ownership then only Mrs. X can claim the deduction part.

Parul Negi

Parul Negi (Querist)

12 November 2009 Thnx Sir.

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